Marriott Tops Estimates, RevPAR Declines

Marriott said adjusted first-quarter earnings fell 29% to $87 million, or 24 cents a share, topping internal forecasts of 13 cents to 15 cents a share and analysts' estimates of 14 cents.
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Marriott

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said adjusted first-quarter earnings fell 29% to $87 million, or 24 cents a share, topping internal forecasts of 13 cents to 15 cents a share.

Analysts surveyed by Thomson Reuters expected the lodging company to report first-quarter earnings of 14 cents a share.

Adjusted results exclude restructuring costs and other charges. The reported loss in the quarter was $23 million, or 6 cents a share, compared with income a year earlier of $122 million, or 33 cents a share.

In the first quarter, comparable revenue per available room for Marriott's worldwide company-operated properties declined 19.6%, or 17.8% using constant dollars.